The combined effect, according to estimates from Numis, the stockbroker, will be “very rapid” growth, of 20pc or more annually, in earnings per share.

That’s the kind of figure that should attract a pricey rating for the shares, especially in view of the strength and resilience of Hargreaves’ business model and brand, yet after the recent falls the shares trade at 23 times Numis’s estimate of 47.3p in earnings per share for the current full year, and 20.9 times the following year’s predicted 52p per share.

Readers who followed our earlier advice to invest should hold on; others should buy.

Questor says: buy

Ticker: HL.

Share price at close: £10.88

War in Ukraine

We won’t devote a lot of space to a discussion of the consequences of the war for stock market investors because readers will by now be familiar with our view that long-term savers should ride out crises even as severe and disturbing as this one. Trying to predict how and when the war will end and what will have changed for savers as a result is a fool’s errand.

While we’ll aim to cover certain individual companies particularly exposed while the war lasts, our broad advice is to sit tight, avoid any inclination to sell and watch for buying opportunities among stocks or funds you already had your eye on.

Read the latest Questor column on telegraph.co.uk every Sunday, Tuesday, Wednesday, Thursday and Friday from 5am.

Read Questor’s rules of investment before you follow our tips.